⚠️ CAPITULATION, but not for long?
The graph shows the Bitcoin price with the realized price of short-term holders (orange curve).
📊 We can see that since 2023, there have been several falls of Bitcoin below the orange curve. Newcomers (those who acquired BTC less than 155 days ago) tend to capitulate when the price falls below their average purchase prices!
🔍 With the drop below $90,000, the price falls again below the orange curve. Bitcoin could once again make newcomers capitulate before rebounding beyond $100,000.
Be careful, historically, it is not positive to see the price settle below the realized price of short-term holders.